A recent survey reveals a significant surge in mobile financial services adoption across Africa. Nearly half of the respondents (49%) use both mobile payments and mobile banking, while 36% rely solely on mobile banking, and 10% use only mobile payments.

Only 5% of respondents reported not using any mobile financial service.

Growing Mobile Finance Adoption in Africa

Across Africa, mobile finance is revolutionizing how people access and manage money. With traditional banking infrastructure limited in many regions, mobile financial solutions have emerged as a game-changer, bridging gaps in financial inclusion, and empowering millions.

Mobile money services, led by platforms like M-Pesa, Airtel Money, and MTN MoMo, have experienced explosive growth. From enabling peer-to-peer transactions to facilitating bill payments and cross-border remittances, these services have become a financial lifeline for individuals and businesses.

According to industry reports, Africa accounts for nearly 70% of the world’s mobile money transactions, highlighting the continent’s leadership in digital financial innovation. The use of mobile financial services has seen a remarkable increase, rising from 63% in 2023 to 85% in 2024. Currently, 95% of respondents use either mobile banking, mobile payments, or both.

Kenya leads in mobile payment adoption, with 28% of respondents actively using mobile payment apps far above the continental average of 10%. South Africa and Morocco report higher-than-average mobile banking usage, with 50% and 52% adoption rates, respectively, compared to the continental average of 36%.

The Security Challenge of Mobile Transactions

Despite its rapid growth, mobile finance in Africa faces challenges such as cybersecurity threats, regulatory complexities, and digital literacy gaps. The Communications Authority of Kenya (CA) reported a 333% surge in mobile application threats between July and September 2024, with cybercriminals targeting user data, including login credentials and financial details.

However, these hurdles present opportunities for further innovation. Strengthening digital infrastructure, improving financial education, and enhancing cybersecurity measures will be crucial in sustaining the momentum of mobile finance adoption.

Looking more broadly, the continued rise in mobile data usage underscores Africa’s mobile-first approach to internet connectivity. This trend has significant implications for cybersecurity.

Increased digital financial inclusion: The rise in mobile banking and payments indicates greater financial inclusion through digital means, which is generally positive for economic development in Africa.

Increased attack surface: Firstly, more mobile usage and mobile financial services users mean a larger attack surface for cybercriminals. Users are generally less vigilant on their smartphones and tablets compared to traditional computers, making them more susceptible to malicious attacks.  Secondly, with more people conducting financial transactions on potentially unsecured and secondhand devices, the risk and impact of cybercrime have increased.

The growing trend of unlocked cellphone theft in the region highlights this issue. In South Africa, an average of 189 cell phones are stolen daily, with women being predominantly targeted. Stolen devices, particularly when unlocked at the time of theft, grant criminals’ access to sensitive data including banking apps and personal information.

Blurred lines between personal and professional: The increase in WhatsApp usage for work (from 89% in 2023 to 93% in 2025) shows a further blurring of lines, between users’ personal and professional lives. This can lead to increased risks, as personal devices may not have the same level of security as corporate-managed devices.

Need for mobile-centric security education: The survey results suggest a pressing need for cybersecurity education that focuses specifically on mobile security and best practices for using personal devices for work-related tasks. There’s also a clear need for cybersecurity education specifically tailored to mobile financial services, focusing on secure transaction practices and recognizing financial fraud attempts.

The Future of Mobile Finance in Africa

As mobile transaction continues to gain traction, its impact will extend beyond payments and banking. Sectors like agriculture, healthcare, and education are increasingly integrating mobile financial solutions to streamline operations and improve service delivery.

With advancements in blockchain, artificial intelligence, and open banking, the next phase of mobile finance in Africa promises to be even more transformative, driving economic inclusion and financial empowerment across the continent.

Microsoft has unveiled Majorana 1, its first quantum computing chip, marking a significant breakthrough after nearly two decades of research in the field.

The chip, which utilizes topological qubits, represents a fundamental shift in quantum computing technology, as the company said it had to create an entirely new state of matter—a topological state—to bring it to life.

Unlike conventional qubits used in quantum processors by companies like Google and IBM, Microsoft’s quantum chip employs eight topological qubits made using indium arsenide, a semiconductor, and aluminum, a superconductor. The company said that topological qubits, though far more difficult to create, are inherently more stable and error-resistant, making them a promising pathway toward scalable quantum computing.

Emphasizing the complexity of the materials science behind Majorana 1, Microsoft stated that it required an entirely new approach to quantum hardware. According to a blog post published Wednesday, the company had to engineer the material atom by atom to ensure that the exotic particles formed correctly and exhibited the desired quantum behaviors.

“Ironically, it’s also why we need a quantum computer—because understanding these materials is incredibly hard,” said Krysta Svore, a Microsoft technical fellow, in the blog post. “With a scaled quantum computer, we will be able to predict materials with even better properties for building the next generation of quantum computers beyond scale.”

The findings and technical details of Majorana 1 were recently published in the journal Nature, providing deeper insights into the engineering breakthroughs and the physical principles behind Microsoft’s quantum chip.

How Majorana 1 Stands Out from Other Quantum Efforts

Quantum computing relies on qubits, which, unlike classical bits that are either 0 or 1, can exist in superposition, meaning they can be both 0 and 1 at the same time. However, one of the biggest challenges in quantum computing has been qubit stability, as traditional qubits are extremely error-prone due to environmental disturbances.

This is where topological qubits differ. Unlike superconducting qubits used by companies like Google and IBM, Microsoft’s topological qubits are theorized to be more resilient to noise and interference, potentially solving one of the biggest barriers to scaling quantum computers.

“The difficulty of developing the right materials to create the exotic particles and their associated topological state of matter is why most quantum efforts have focused on other kinds of qubits,” Microsoft noted in its blog post.

While companies like Google, IBM, IonQ, and Rigetti Computing have already developed quantum processors, their approaches rely on different types of qubits that require intensive error correction. Microsoft’s approach with topological qubits aims to reduce the need for excessive error correction, making it a potentially more scalable solution in the long run.

No Immediate Commercial Plans, but a Step Toward a Million-Qubit Future

Unlike its custom AI chip, Maia 100, which Microsoft plans to make available to clients through its Azure public cloud, the Majorana 1 chip is not yet being deployed for commercial use. Instead, it represents a crucial research milestone toward Microsoft’s long-term goal of developing a quantum computer with one million qubits.

Microsoft is taking a different approach to fabrication as well. While tech giants like Apple, Nvidia, and Google rely on Taiwan Semiconductor Manufacturing Company (TSMC) for chip production, Microsoft is manufacturing the components of Majorana 1 in-house within the U.S. Due to the experimental nature of the chip, the work is being done on a small scale for now.

Jason Zander, Microsoft’s executive vice president, stated that the company aims to scale up to a few hundred qubits before seriously considering commercial applications.

“We want to get to a few hundred qubits before we start talking about commercial reliability,” Zander told CNBC.

In the meantime, Microsoft will collaborate with national laboratories and universities to advance research using the Majorana 1 chip, allowing academic and scientific communities to explore its potential applications.

Investors’ Interest

Although quantum computing is still in its early stages, investor interest in the field remains high. Companies like IonQ and Rigetti Computing saw their stock prices skyrocket in 2024, with IonQ gaining 237% and Rigetti surging nearly 1,500%. Despite being relatively small players, the two companies generated a combined $14.8 million in third-quarter revenue, demonstrating that there is growing demand for quantum technologies.

Further gains came in January when Microsoft published a blog post declaring that 2025 is “the year to become quantum-ready.” This statement sparked speculation that Microsoft may be accelerating its quantum computing ambitions, fueling optimism among investors.

Quantum Computing’s Potential Impact on AI and Drug Discovery

Although quantum computing is often discussed as a separate field, Microsoft envisions it as a key enabler for other areas of technology, particularly artificial intelligence.

Microsoft’s Azure Quantum cloud service already allows developers to experiment with quantum programs and algorithms, offering access to chips from IonQ and Rigetti. While Majorana 1 itself is not yet available on Azure, Zander hinted that a Microsoft quantum chip could be integrated into Azure before 2030.

“There’s a lot of speculation that we’re decades off from this,” Zander said. “We believe it’s more like years.”

One of the biggest potential breakthroughs could be in AI-driven research and materials science. Quantum computers have the potential to simulate molecular structures, leading to breakthroughs in drug discovery, material design, and chemistry—areas that classical computers struggle with due to the complexity of quantum interactions.

“Now you can ask it to invent some new molecule, invent some new drug—something that really would have been impossible to do before,” Zander added.

The Future of Microsoft’s Quantum Ambitions

While Majorana 1 is a significant milestone, Microsoft acknowledges that there is still a long road ahead before quantum computing becomes commercially viable. Developing quantum computers at scale will require solving engineering, fabrication, and software challenges—as well as making quantum systems more accessible for real-world applications.

The company said for now, it will focus on scaling up its quantum research, improving qubit stability, and engaging with research institutions. However, if its topological qubit approach proves successful, it could put Microsoft in a leading position to disrupt the quantum computing industry—challenging Google, IBM, and other competitors in the race to build practical quantum machines.